If you are looking to enter the crypto craze, here’s how to create your own cryptocurrency from most to least difficult:
- Create your own blockchain and native cryptocurrency.
- Modify the code of an existing blockchain.
- Establish a new cryptocurrency on an existing blockchain.
- Hire a blockchain developer to create a cryptocurrency for you.
Option 1: Create your own blockchain
Write your own code to create a new blockchain that supports a native cryptocurrency. Pursuing this option will require extensive technical training to develop coding skills and a fundamental understanding of blockchain technology—but you’ll also have more design freedom. If you want to create a cryptocurrency that is truly new or innovative in some way, then building your own blockchain to support that coin is probably your best option.
Here’s what you need to do:
- Choose a consensus mechanism. A blockchain’s operating protocol that is. The most commonly used consensus mechanisms are proof of work (PoW) and proof of stake (PoS).
- Design your blockchain architecture. Should your blockchain be private or public?
- Audit your new blockchain and its code. You can hire specialized blockchain auditors to review their blockchain’s code and identify any vulnerabilities.
- Verify legal compliance.You can hire legal professionals to confirm that your cryptocurrency is compliant with all relevant laws and regulations.
Option 2: Modify the code of an existing blockchain
Use the source code of another blockchain to create a new blockchain and native cryptocurrency. You might still need some level of technical knowledge, as you may choose to modify the source code to satisfy your design objectives.
Here’s a little secret: The code for most blockchains is open source, meaning that anyone can view and download it. You can find the source codes of most blockchains on the GitHub platform.
Option 3: Establish a new cryptocurrency on an existing blockchain
You can make a new cryptocurrency without first creating or modifying any blockchain. Many platforms like the Ethereum blockchain are designed to host the cryptocurrencies of many different developers.
Here are the basic steps to create a new token on an existing blockchain platform:
- Choose the blockchain platform: Your first step is to decide which blockchain should host your token.
- Create the token: Creating a highly customized token generally requires advanced technical knowledge, but free online tools such as WalletBuilders can facilitate the token-creating process in just a few clicks.
- Mint your new cryptocurrency: After creating the cryptocurrency, you are ready to mint the new tokens. Using a trusted platform like Binance Smart Chain or Ethereum.
Option 4: Hire a blockchain developer to create a cryptocurrency for you
You can hire a blockchain development company to create a new coin or token with any degree of customization. Many companies exist to create and maintain new blockchain networks and cryptocurrencies.
Some BaaS companies develop customized blockchains, while others use their own existing blockchain infrastructure. You can also work with a BaaS company to launch a highly customized token on an existing blockchain platform. Some of the most prominent BaaS companies include Amazon Web Services, Microsoft Azure, ChainZilla, and Blockstream.